Private Professional Client
An end of terrace shop located within a secondary retail parade with ground floor retail and basement ancillary space.
To advise our client as to the rental value of the shop for a historic rent review and the forthcoming lease expiry and to then negotiate against the Tenant.
The first task was to establish the rental values as at both lease event dates. A strategy was put in place to ensure the tenant took a new lease but also agreed the historic rent review. As the rent review was historic, there was an expectation that the tenant may struggle to pay the back-rent as the rental value had increased considerably.
After inspecting and measuring the premises, we prepared a full report setting out our opinion of the rental value as at 2012 and 2016 on the basis of letting, lease renewal and rent review evidence within the area. We recommended negotiating the rent review first and then served an S25 Notice on the tenant offering a new lease.
After a period of negotiations with the tenant’s representative, we were able to agree the review at a rent reflecting 100% uplift on the passing rent, with an additional 17% increase on the renewed lease rent.
It was a pleasure working with Simon and we felt confident from the start that he was giving us his maximum efforts to achieve the best result while representing us in a thoroughly professional manner throughout.
We are extremely happy with the results and would not hesitate to work with him again.